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Find the future values of the ordinary annuities

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Reference no: EM131670305

Find the future values of the following ordinary annuities:

  1. FV of $600 paid each 6 months for 5 years at a nominal rate of 11% compounded semiannually. Round your answer to the nearest cent. 
  2. FV of $300 paid each 3 months for 5 years at a nominal rate of 11% compounded quarterly. Round your answer to the nearest cent. 
  3. These annuities receive the same amount of cash during the 5-year period and earn interest at the same nominal rate, yet the annuity in part b ends up larger than the one in part a. Why does this occur?

Reference no: EM131670305

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